4 Key Takeaways | OFAC Enforcement Actions Thus Far in 2023

Although there were not any published sanctions enforcement actions during the first two months of 2023, since March, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has released information on nine enforcement actions with penalties totaling over $556 million. One of those includes an enforcement action against a U.S. company and a former company executive for his role in the alleged sanctions violations. The following are notable takeaways from the enforcement actions for the first half of 2023.

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Knowledge assets are defined in the study as confidential information critical to the development, performance and marketing of a company’s core business, other than personal information that would trigger notice requirements under law. For example,
The new study shows dramatic increases in threats and awareness of threats to these “crown jewels,” as well as dramatic improvements in addressing those threats by the highest performing organizations. Awareness of the risk to knowledge assets increased as more respondents acknowledged that their